Canada’s Goldcorp has sold its 10% equity interest in Osisko Mining Corporation, for a total value of C$530m ($532m).

The transaction represents about 38.6 million common shares of Goldcorp, which were sold on an underwritten block trade basis at a gross price of C$13.75 ($13.81) a share.

Goldcorp said the proceeds from the sale will be used to develop its existing project pipeline.

Goldcorp president and CEO Chuck Jeannes said the transaction reinforces the company’s approach to maintaining an investment grade balance sheet.

“With over $1bn in cash and forecast cash flows of nearly $2.5bn at current metal prices in 2011, we have the required liquidity to fund our exceptional growth profile”, Jeannes said.